Updated Market Report: November 2017

As active members of the Greater Capital Area Association of Realtors (GCAAR), we have access to the latest market trends and data. Here are some of the highlights from November's closed sales and overall market conditions.

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DC Metro Area -

Washington D.C. Metro median sales price is at it's highest November level in a decade.

The Washington D.C. Metro median sales price of $425,000 was up 4.4% or $18,000 compared to last year and up 2.9% or $11,875 compared to last month. This is the highest November price of the decade and the 14th consecutive month of year-over-year price increases.

Sales volume across the DC Metro area was more than $2.15 billion, up 11.5% from last year.

Closed sales and pending contracts at November highs.

Closed sales of 4,082 were up 4.7% compared to last year but were 5.5% below last month.

New contracts of 4,248 were up 2.2% compared to last year, the highest November level of the last 10 years.

New listings of 4,308 were up 1.0% compared to last year but down 25.3% below last month.

Inventory levels declined for the 19th consecutive month.

Active listings of 8,629 are down 5.7% compared to last year and down 14.6% compared to last month. This is the 19th consecutive month of declines in year-over-year inventory levels.

The average percent of original list price received at the sale in November was 97.4%.

The median days-on-market for November 2017 was 21 days, two days lower than last year.

November contract activity and closed sales dipped slightly below last year's level and below the five-year November average.

New listing activity was 3.9 percent less than last November’s mark. While active listings dipped far below last November’s active listing by -11.3 percent.

The $425,500 median sales price in November was 7.2 percent higher than last November’s median of$397,000. The average sales price in November was $539,771, a 10.8 percent increase over the November 2016 average of $487,387.

Days-on-Market (DOM). Half of the homes sold in November were on the market 25 days or less, three days quicker than the median DOM in November 2016. The average DOM was 10 days quicker at 49 days.

Sellers received 97.1 percent of original list price on average, up slightly from last November. Half of November sellers received at least 98.1 percent of their original asking price, a slight increase compared to November 2016.

November’s median sales price was $549,000, matching last year’s median exactly and tying the highest November level on record. Sales represented a 5.8 percent increase versus last year and above the November 5-year average. Even with the median sales price at record highs, supply is scarce with only 1.9 months of supply on hand. Closed sales were down in detached, but up in the townhouse and condo segments compared to last November. Half the homes sold in November were on the market for 13 days or less and the competition among buyers kept the median percent of asking price at 100 percent.